7 mins read
Saltyvixenstories.com Readers Responses:
Greedy Banks
- I think the banks (commercial and investment) orchestrated the meltdown. They sold as many CDOs as they could to unsophisticated buyers (ie Icelanders) as quickly as they could. The banks also bought off the rating agencies as well as the originators. Their excesses caused Lehman to blow up, Merrill to be sold and AIG to be bailed out to the tune of almost $200B. Becuase of CDOs these guys lost more money in 2008 than their whole companies lost in their whole history… We need to bring back Glass Stegall and never allow this to happen again…
- —Guest Don Hall
L.arlow
- Lying-stealing bankers,and the federal reserve along with are phony congress men—proveme wrong
- —Guest L.Marlow
The reason for financial crisis
- Because of the foolish act by the people of America with out any common sense towards the economy and in general for the day today life living and still acting very reckless in oct. 2012.
- —Guest Michael
Response to Philip
- Hi Philip, In my opinion, the global financial crisis was caused by repeal of Glass-Steagall . Second, unregulated use of derivatives, especially credit default swaps that led to a false sense of security.
- —Guest Kimberly
financial crisis
- What is your feed back for the comments ‘Causes of financial crisis’. Kim can you comment on this.Thank you.
- —Guest Philip
Causes of financial crisis
- The only one USA is the whole cause of financial crisis in the world.The US surpassed 16 Trillion debt with all the crisis from the past ten years right from the WTC building crash, World com,Iraq war, health and stock crashes and all the irresponsible spending from the United states of America.How is that IMF allows them to amass that kind of Trillions of dollars deficit without any cap on spending.Finally Americans do not deserve for their living standard.The IMF has to summons Americans to earn their living.The only time the US GDP is growing is on the day they are clearing their deficit.
- —Guest philip
Putting it simply…
- GREED! Pure greed on the part of the people who are allowed to play with our money. And who either elects them to office or invests in their companies? Us. so, whose fault is it?
- —Guest veewee
Best
- I’m so impressed with the clarity, completeness, and brevity.
- —Guest Mike
Deregulation
- Read “13 Bankers” by Simon Johnons. It’s all laid out there. Hedge funds and all those derivatives you mentioned weren’t regulated. Banks and AIG were allowed to use depositors’ money to make risky investments. Fannie and Freddie did the same with government guaranteed funds. They were private companies and knew the government would bail them out. Nothing has changed. Wall Street is bleeding Main Street dry, and who’s stopping them?
- —Cre8iveForce
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